Stimulus Checks for 2023: EIPs Made Available to State Residents
As the latest wave of inflation sweeps across the country, thousands of Americans are grappling with the harsh economic realities that it presents. In the face of these difficulties, the federal government has remained notably silent. However, several individual states have risen to the challenge, offering their residents much-needed relief in the form of stimulus checks aimed at offsetting the negative impacts of inflation. These additional payouts have become a lifeline for residents in 19 states, offering a financial cushion against soaring prices.
Let’s delve into the eligibility criteria and specifics of these state-issued stimulus checks. It’s important to note that while a majority of these checks have already reached their intended recipients, there may still be some who are yet to receive theirs. If you believe you are eligible and have yet to receive your check, it is within your rights to contact your local tax office and submit an application to claim what you are owed.
In an effort to address concerns and questions about these payments, the Mills administration launched a website on April 22. The website aims to provide comprehensive information regarding the payments, which are scheduled for distribution in June. These stimulus efforts have focused on offering relief to those who are most vulnerable to financial strain, such as senior citizens, low-income homeowners, and tenants by offering them property tax exemptions.
In New Mexico, eligible residents may qualify for an additional boon, in the form of a $175 state-based child tax credit. This is on top of the one-time refund offered to cushion the effects of inflation. The state will automatically issue these refunds to residents who have filed a 2021 refund form, making the process easier for the residents.
In 2022, several states found themselves in the enviable position of running budget surpluses, and chose to return a portion of those surpluses to their residents in the form of tax refunds. Thus far, 19 states have enacted such initiatives. If you’re a resident in one of these states and have yet to claim your inflation-offsetting payment, it might not be too late. The exact amount refunded can vary from state to state and is usually based on the income levels reported for the tax years 2020 and 2021.
These state-level surpluses are largely a by-product of the global pandemic. Widespread government closures during the height of the crisis, coupled with significant federal financial aid granted to the states, have contributed to an unexpected windfall in many state budgets.
